Radius Gold intersects 81m at 3.75 g/t Au and 61 g/t Ag at Amalia Project, Mexico
TSX VENTURE: RDU
Vancouver, Canada: Radius Gold Inc. (TSX-V: RDU) / TheNewswire / June 13, 2019 is pleased to report results from its phase two diamond drill program at the Amalia Gold-Silver Project in Chihuahua, Mexico. Radius completed 6 diamond drill holes (total 1756m) targeting the San Pedro structural zone. The majority of assays have now been returned and new results include:
- AMDD19-015 assayed 81m at 3.75 g/t Au and 61 g/t Ag,
- including 21m at 7.91 g/t Au and 65 g/t Ag.
- AMDD19-014 assayed 28m at 2.3 gt Au and 126 g/t Ag
- including 3m at 9.85 g/t Au and 761 g/t Ag
These results confirm the down dip expansion of the high grade multi-phase gold-silver mineralization intersected in drillholes AMDD18-009 (26m at 7.08g/t Au and 517 g/t Ag Dec 4, 2018) and AMDD19-010 (44m at 12.38 g/t Au and 309.3 g/t Ag May 1, 2019), and continue to demonstrate the potential for a significant discovery at the Amalia project.
Phase Two Drill Result Summary
AMDD19-010 intersected 44m grading 12.38 g/t Au and 309 g/t Ag with estimated true width of 34m. Mineralization is hosted within the hanging wall of the San Pedro fault with disseminated fine black sulphides and sulphide veining commencing within rhyolitic ignimbrites, and transitioning to intense silicification, stockwork veining and brecciation.
AMDD19-011 (see press release May 28, 2019) was drilled approximately 100m south of 010 and 50m below 003 (hole 003 returned 30m at 0.3g/t Au and 65 g/t Ag) targeting the San Pedro structure. Hole 011 intersected multiple zones of variable white chalcedonic stockworks, amythyst, silicification, hydrothermal breccias and diorite dykes and returned a broad zone of anomalous Au and Ag in the hanging wall of the fault, however no potentially economic mineralization was encountered.
AMDD19-012 was drilled 200m south of 010 targeting the San Pedro structure approximately 50m below 008 (hole 008 returned two intervals within a 33m wide mineralized zone (1m at 2.28 g/t Au and 521 g/t Ag and 5m at 0.59 g/t Au and 571 g/t Ag). Hole 012 intersected 5m at 647 g/t Ag and 1m at 0.35 g/t Au and 140 g/t Ag within a zone of variable white chalcedonic stockworks, silicification and hydrothermal breccias.
AMDD19-013 was drilled 100m north of 010. The hole cut 17m of moderate to strong silica and adularia alteration, brecciation and traces of fine black sulphides, however no potentially economic mineralization was encountered.
AMDD19-014 was drilled 50m north of 010. The hole intersected 28m at 2.3 g/t Au and 126 g/t Ag, including 3m at 9.85 g/t Au and 761 g/t Ag within a zone of strong silicification, brecciation, and stockwork veining with moderate fine disseminated black sulphides and quartz sulphide veinlets. Estimated true thickness is 24m.
AMDD19-015 was drilled on section of 009 - 010 approximately 50m down dip from 010. Hole 015 intersected 81m at 3.75 g/t Au and 61 g/t Ag, including 21m at 7.91 g/t Au and 65 g/t Ag, within a zone of strong silica adularia alteration, brecciation, stockwork veining with fine black sulphide mineralization, disseminated, within stockwork veins and cementing breccias. Estimated true thickness is 65m, although the hole remains open to expansion. From 297.7m to the end of the hole at 322.5m (an interval of 24m) the hole transitions to the lower Tarahumara formation andesite and was initially not thought to be significantly mineralized, hence was not fully and systematically sampled. Within the 24m interval, only four check samples were assayed. Two out of the four check samples returned significant grades including 6.33 g/t Au and 422 g/t Ag. Subsequently all 24m will be cut and submitted for assay and reported when available.
Table 1. Phase two drill results for San Pedro Zone, Amalia Project
|AMDD19-013||295,878||2,863,631||no significant result|
Radius and its partner Pan American Silver Corp have now completed two drill programs totalling 3665m in 15 drillholes. The phase two drill program has expanded multi-phase gold and silver mineralization with two high grade mineralized shoots identified to date along the San Pedro structure. Geological controls on the mineralization are complex with multiple events of gold and silver mineralization within veins, stockworks and hydrothermal breccias. The dominant San Pedro structure trends 320/60E and can be traced for several kilometers. San Pedro is a large robust fault zone separating Tertiary rhyolitic ignimbrites from the Late Cretaceous Tarahumara andesite volcaniclastics with gold and silver mineralization typically occurring within the hanging wall of the fault zone. High grade shoot control is still uncertain but appears to be located by cross faults. Exploration drilling at this stage is wide spaced and large areas remain untested. With drilling on just five sections covering 850m strike and testing a vertical component limited to approximately 200m down dip, Radius believes the system is still wide open and shows potential for a significant discovery.
Pan American has recently completed a scheduled option payment to Radius of USD$150,000 confirming their continued interest in the Project.
Radius has granted to Pan American Silver Corp. the option to earn up to an initial 65% interest in the Amalia Project by making cash payments to Radius totaling US$1.5 million (of which US$250,000 has been received) and expending US$2 million on exploration over four years. Pan American may earn an additional 10% by advancing the property to preliminary-feasibility.
Bruce Smith, M.Sc. (Geology), a member of the Australian Institute of Geoscientists, is Radius's Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Smith participated in the reported drill program and prepared and approved the technical information contained in this news release.
Quality Assurance and Quality Control
Drilling is carried out using NQ and HQ size tooling. Drill core is cut in half using a rock saw with one half of the core then taken as a sample for analysis. Sample intervals are generally 1m intervals, producing samples of between 2 to 9 kg. Half-core samples are delivered to the ALS Geochemistry laboratory facilities in Chihuahua, Mexico. The samples are fire assayed for Au and are analysed for Ag and multi-elements using method code ME-ICP61 following a four-acid digestion. Overlimits are analysed using an appropriate method. Radius routinely inserts multi-element geochemical standards and blanks into the drill core sample stream to monitor laboratory performance. Quality control samples submitted to ALS were returned within acceptable limits.
Radius Gold Inc.
Radius has a portfolio of projects located primarily in the United States and Mexico which it continues to advance, utilizing partnerships where appropriate in order to retain the Company's strong treasury. At the same time, management is seeking out additional investment and project acquisition opportunities across the globe.
ON BEHALF OF THE BOARD
President and CEO
Contact: Simon Ridgway
200 Burrard Street, Suite 650
Vancouver, BC V6C 3L6
Tel: 604-801-5432; Toll free 1-888-627-9378; Fax: 604-662-8829
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute forward-looking statements within the meaning of Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-looking statements which include, without limitation, statements about the results of exploration work and future plans at the Amalia Project; the Company's business strategy, plans and outlook; the merit of the Company's investments and properties; timelines; the future financial performance of the Company; expenditures; approvals and other matters. Often, but not always, these forward looking statements can be identified by the use of words such as "estimate", "estimates", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "upgraded", "offset", "limited", "contained", "reflecting", "containing", "remaining", "to be", "periodically", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among others, the results of exploration work and future plans at the Amalia Project; changes in general economic conditions and financial markets; the Company or any joint venture partner not having the financial ability to meet its exploration and development goals; risks associated with the results of exploration and development activities, estimation of mineral resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in the Company's quarterly and annual filings with securities regulators and available under the Company's profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to: that the exploration activities at the Amalia Project will advance as planned; that the Company's activities will be in accordance with its public statements and stated goals; that all required approvals will be obtained; that there will be no material adverse change affecting the Company or its investments or properties; and such other assumptions as set out herein. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.